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(Bloomberg) — Australia should adopt national biofuel mandates to bolster its energy security, according to GrainCorp Ltd., after months of uncertainty from the Iran war which sent shockwaves through the country’s economy.
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Locally produced canola could be used to make biofuels in Australia, including sustainable aviation fuel, without significantly reducing exports to partners such as the European Union, GrainCorp Chief Executive Officer Robert Spurway said in an interview. The company is the biggest grain handler on the east coast.
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“Australia currently imports around 91% of its liquid fuels and more than 85% of its aviation fuel,” he said. “And at the same time, we’re exporting around 80% of Australia’s canola production.”
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Fuel disruptions sparked by the Iran war caused headaches for businesses and consumers in Australia in the early months of 2026, causing inflation to surge and threatening the planting of winter grain. The government said in May that it was planning to open consultation on introducing mandates for biofuels as a plan to boost energy security and lower transport emissions.
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GrainCorp is involved in a sustainable aviation fuel project in the northeastern city of Brisbane, but one of its partners — IFM Investors Pty — warned in May that it could be scrapped unless the government mandates airlines use the product. Fuel company Ampol Ltd. is also part of the venture.
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In Graincorp’s white paper, the company said Australia had the potential to meet SAF demand by 2030 with its current feedstock volumes. The grain handler added that more government support for investment, research and development would likely to be needed in the longterm.
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Late last year, Australia announced it would be spending A$1.1 billion ($761 million) to create the first domestic production of renewable fuels by 2029. The nation currently lags behind efforts by other countries, including neighbor Indonesia, which is undergoing an ambitious biofuels expansion.
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